taking over a loan
- Thread starter grantwhit
- Start date
if someone is in arrears you can pay their loan for them...........and then you put in place a legal arrangement that works for the both of you
Nothing weird, fancy or unusual
ta
rolf
My friend showed me the way to find the sellers but was a bit vague in what happens after that. Below is the link. I've had a read on another IP forum thread where terryw made some good points to that OP about what it was all about (if you search you'll find it). But I guess if you targeted the seller and made an offer you still may pick up a good deal? I don't really understand the ins and outs of what the promoters strategy is for taking over the loan.
http://www.dominiquegrubisalive.com.au/
http://www.dominiquegrubisalive.com.au/
Debts can be assigned in Australia. Video shops used to sell their debts to debt collection companies for example.
But if you are talking real property then I am not sure how this would work as the bank would have a mortgage. The mortgage terms would prohibit the assignment of the loan without the bank's permission. Bank wouldn't give permission unless legal ownership changed to the person and the new person could qualify for the loan.
But if you are talking real property then I am not sure how this would work as the bank would have a mortgage. The mortgage terms would prohibit the assignment of the loan without the bank's permission. Bank wouldn't give permission unless legal ownership changed to the person and the new person could qualify for the loan.
Wasn't the old story that the lawyer buys out the soon-to-be bankrupt client's assets for less than value to save them from defaulting and a end with a modest amount, and then the lawyer either holds or flips the properties for profit.
Kind of like the old Roman Fire brigade, without the whole setting fire's on purpose..
Kind of like the old Roman Fire brigade, without the whole setting fire's on purpose..
Couple of problems with that
1. Is it ethical for the lawyer to do that? from 2 points of view it could be
a) could be taking advantage of desparate client
b) could be defeating creditors.
2. If the client did go bankrupt then those assets could be clawed back under the bankruptcy act, s 120 or 121.
It will be interesting to see how clause 18 of 'Form 5 - Information Sheet' of the NCCP Regulations effects this whole issue of taking over someone's loan, i.e.
'What can I do if I find that I can not afford my repayments and there is a mortgage over property?'
............ 'give the property to someone who may then take over the repayments, but only if your credit provider gives permission first.
If your credit provider won’t give permission, you can contact their external dispute resolution scheme for help.'
Cheers, Paul
'What can I do if I find that I can not afford my repayments and there is a mortgage over property?'
............ 'give the property to someone who may then take over the repayments, but only if your credit provider gives permission first.
If your credit provider won’t give permission, you can contact their external dispute resolution scheme for help.'
Cheers, Paul
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